Bank of America Premium Rewards vs Bank of America Premium Rewards Elite — which is worth it to you?
The Bank of America Premium Rewards ($95/yr) and the Bank of America Premium Rewards Elite ($550/yr) side by side: credits, earning rates against a flat 2% cash-back baseline, and protections — with your spending deciding which card actually wins each category.
The Bank of America Premium Rewards Elite charges $550 a year against the Bank of America Premium Rewards's $95, so it starts $455 behind. Both pay cash back, so rewards compare dollar for dollar.
Both cards pay a bonus on flights (2x vs 2x), hotels (2x vs 2x), other travel (2x vs 2x) and dining (2x vs 2x).
The Bank of America Premium Rewards comes with 2 statement credits, the biggest being $100 Airline Incidental Credit and Global Entry / TSA PreCheck Credit ($25/yr). The Bank of America Premium Rewards Elite has 3 statement credits: $300 Airline Incidental Credit, $150 Lifestyle Credit and Global Entry / TSA PreCheck Credit ($30/yr). All of these are face values, and a credit only really pays out if it covers something you were buying anyway.
Both cards carry baggage delay, emergency evacuation, extended warranty, lost luggage, no foreign transaction fees, purchase protection, rental car collision coverage, return protection, trip cancellation and trip delay. The Bank of America Premium Rewards Elite also has Avis / Hertz / National Elite Status & Discounts, elite status, Golf Benefit by Troon, lounge access and travel accident insurance, with no equivalent on the Bank of America Premium Rewards.
Bank of America Premium Rewards
Bank of America · $95 annual fee · cash back
Earning rates
- 2x Travel — flights
- 2x Travel — hotels
- 2x Travel — everything else travel
- 2x Dining
- 1.5x Everything else
Statement credits (2)
- $100 Airline Incidental Credit — Up to $100 per calendar year back on airline incidentals — seat upgrades, checked bags, inflight food, lounge day passes.
- Global Entry / TSA PreCheck Credit — $100 application-fee credit once every 4 years (~$25/yr).
Full Bank of America Premium Rewards breakdown — 10 more benefits on the full page.
Bank of America Premium Rewards Elite
Bank of America · $550 annual fee · cash back
Earning rates
- 2x Travel — flights
- 2x Travel — hotels
- 2x Travel — everything else travel
- 2x Dining
- 1.5x Everything else
Statement credits (3)
- $300 Airline Incidental Credit — Up to $300 per calendar year back on airline incidentals — seat upgrades, checked bags, inflight food, airline lounge fees.
- $150 Lifestyle Credit — Up to $150 per calendar year in statement credits for rideshare, food delivery, video streaming, and fitness subscriptions.
- Global Entry / TSA PreCheck Credit — $120 application-fee credit once every 4 years (~$30/yr).
Full Bank of America Premium Rewards Elite breakdown — 15 more benefits on the full page.
Card data verified against issuer sources: Bank of America Premium Rewards on 2026-08-21, Bank of America Premium Rewards Elite on 2026-08-22.
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